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(Wireless-NewsWire.Com, June 08, 2018 ) The global event management software market is expected to grow from USD 6.38 Billion in 2017 to USD 11.06 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 11.6% during the forecast period. Several factors, such as automation of entire lifecycle event, need for data-driven business outcomes, increased usage of social media and smartphones, and event management software as a cloud service are driving the market. Moreover, an increased adoption of event management software by several end users, such as corporate, government, third-party planner, education, and others, are expected to boost the market growth.
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The event management software market is segmented by component (software and services), deployment type, organization size, end user, and region. Analytics and reporting software is expected to grow at the highest CAGR during the forecast period, as it helps organizations identify and track the Key Performance Indicators (KPIs) of overall management of organizing the event.
The cloud deployment type is expected to grow at a higher CAGR during the forecast period. Cloud-based services help reduce the overall costs, while providing highly flexible and scalable access to solutions. Companies are deploying event management software over cloud to improve mobility, collaboration of data, and reduction of data loss during the transit. Security remains to be a critical issue that restricts its adoption; however, this issue is gradually being addressed through rigorous security tests conducted to the highest standards by third parties. Due to these advantages, many vendors are switching from the on-premises deployment mode to the SaaS-based software solutions. Though the growth of cloud-based TDM solution is comparatively slow with respect to other cloud based software applications, it is expected to grow gradually.
The managed services segment is expected to grow at a higher CAGR during forecast period. Managed services help organizations in outsourcing their day-to-day operations for maintaining their existing network systems. Organizations usually depend on managed service providers to reduce the cost of the network infrastructure maintenance and concentrate on their core businesses. Organizations often depend on a third-party managed services vendor, which typically covers all day-to-day operations of the event management software application and the network management.
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The global event management software market has been segmented by 5 major geographic regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America to provide a region-specific analysis in the report. North America is expected to have the largest market share and is projected to continue to dominate the market during the forecast period. North America is rapidly adopting emerging technologies, such as smartphones and cloud platforms. Major growth drivers of the market include increased cloud deployments and growing adoption of online service delivery. Furthermore, organizations in this region have adopted inorganic growth strategies to strengthen their presence across the world. However, lack of knowledge about software capabilities is hindering the growth of the event management software market.
Major vendors of event management software across the globe include Eventbrite (US), Cvent (US), XING Events (Germany), ACTIVE Network (US), etouches (US), EMS Software (US), Ungerboeck Software International (US), SignUpGenius (US), Certain (US), Social Tables (US), Eventmobi (Canada), Hubb (US), Babylon Software Solution (Macedonia), and Regpack (US). These vendors have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to enhance their position in the global event management software market.
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